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  • #77,481
  • Mar 18, 2009 11:22pm Mar 18, 2009 11:22pm
Quoting ak4x
potential creepy looking shampoo on 5m.. holding breath....
on the 5m is last closed bar.. is that one considered hammer? since it doesnt touch the floor..
those who can, do. those who cant, talk about those who can
  • #77,482
  • Mar 18, 2009 11:23pm Mar 18, 2009 11:23pm
Quoting psiholog
from what ive noticed in my short forex experience of 430days(roughly) watching pa ...the majority of the moves based on fundamentals retreat to where the news was released. sure there are serious fundamentals regarding this run up from 1.3100 levels but is the risk worth taking with most of your position still open? Bravo to you if you can do that as it is your strategy. If it was me....i would have bought 10new hats by now haha
Well, in an absolute worst case scenario, it would drop from 3450 down to 2848 this instant. Or second worst is that it would drop to 2848 between now and Friday afternoon. Even at that, I'm still at a profit. Admittedly not as much as I would like, but a profit nonetheless.

I still see some potential as the stoch is not overbought yet. When it shows signs that it is, you better believe that I'll be out of there.
Not all sins are created equal
  • #77,483
  • Mar 18, 2009 11:24pm Mar 18, 2009 11:24pm
all hail jaydaman walker
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FUBAR...
  • #77,484
  • Mar 18, 2009 11:26pm Mar 18, 2009 11:26pm
Quoting ak4x
all hail jaydaman walker
Please, don't make me blush like that.

Seriously
Not all sins are created equal
  • #77,485
  • Mar 18, 2009 11:27pm Mar 18, 2009 11:27pm
Quoting gatorinla
on the 5m is last closed bar.. is that one considered hammer?.
and I'm not really a candle guy to ask, that's why nuck is on my buddy list...

but as a rule... i pretty much don't believe anything I see for this hour. the frankie open is the worst part of my whole life....

always.
FUBAR...
  • #77,486
  • Mar 18, 2009 11:29pm Mar 18, 2009 11:29pm
Quoting Jay Walker
2%
woww.. that mean around 270 pips = 2%
  • #77,487
  • Mar 18, 2009 11:29pm Mar 18, 2009 11:29pm
Quoting ak4x
and I'm not really a candle guy to ask, that's why nuck is on my buddy list...

but as a rule... i pretty much don't believe anything I see for this hour. the frankie open is the worst part of my whole life....

always.
What was the name of that band? Frankie goes to Hollywood?

Relax, don't do it!

I'm showing my age.
Not all sins are created equal
  • #77,488
  • Mar 18, 2009 11:29pm Mar 18, 2009 11:29pm
Quoting Jay Walker

I still see some potential as the stoch is not overbought yet. When it shows signs that it is, you better believe that I'll be out of there.
gotcha. thank you for some insight into your strategy. the reason im so curious is the learning never stops. sure i may be a scalper/intraday trader now but 5 years from now at the latest when my equity allows it (assuming that 35% gain for the year as the experts say is good enough to pays the bills)...i too may switch to longer term trading so knowing the fine line between fear and greed is quite beneficial. Thank you again
Different opinions highly valued, ignorant to slander.
  • #77,489
  • Mar 18, 2009 11:32pm Mar 18, 2009 11:32pm
Quoting Jay Walker
Please, don't make me blush like that.

Seriously
ok.. sorry.

NOT!!
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FUBAR...
  • #77,490
  • Mar 18, 2009 11:32pm Mar 18, 2009 11:32pm
On this todays' data - USD Unemployment Claims - euro will suck down for sure!
ROBOT FOREX
  • #77,491
  • Mar 18, 2009 11:33pm Mar 18, 2009 11:33pm
Quoting ak4x
and I'm not really a candle guy to ask, that's why nuck is on my buddy list...

but as a rule... i pretty much don't believe anything I see for this hour. the frankie open is the worst part of my whole life....

always.
i suck at it... trying to improve.. bars seem much easier..if im gonna scalp i need to learn... more..i had another program that did it for me.. but shelved it for now.. need to do it the old fashion way instead of having 6 programs open at once..
those who can, do. those who cant, talk about those who can
  • #77,492
  • Mar 18, 2009 11:33pm Mar 18, 2009 11:33pm
Quoting psiholog
gotcha. thank you for some insight into your strategy. the reason im so curious is the learning never stops. sure i may be a scalper/intraday trader now but 5 years from now at the latest when my equity allows it (assuming that 35% gain for the year as the experts say is good enough to pays the bills)...i too may switch to longer term trading so knowing the fine line between fear and greed is quite beneficial. Thank you again
No worries. But if I may ask, why wait to trade longer time frames? If you see the opportunity, why not take advantage of it?
Not all sins are created equal
  • #77,493
  • Mar 18, 2009 11:34pm Mar 18, 2009 11:34pm
Quoting ak4x
ok.. sorry.

NOT!!
I spat coffee on my keyboard again. I'll need to buy a new one this week.
Not all sins are created equal
  • #77,494
  • Mar 18, 2009 11:42pm Mar 18, 2009 11:42pm
Quoting arthurb
wrong
this is CME volume , not some anonymous broker volume , look at the interval
Look, arthurb, I am not wrong in the larger sense. Let me say, I have no idea what time interval your chart is on, and I care less that the volume seems rather regular. IN FACT, it goes to prove my point....which is that no dramatic increase in volume was necessary for the price to rocket. The big boys wanted it up, and so that was where it went....regardless of what the volume was. They had already gone long and wanted profits. They wanted to take these profits by selling high into the buying herd's excitement to go long. And they wanted to keep on selling to the herd to re-constitute their shorts at the new highs. The Central Banks are counted among the big boys, so for their part in the pump manipulation, they essentially wrote their own profit checks.

I fully understand there is no true and accurate volume information available to retail traders at large. That is a shame in this day and age of advanced computers. But the big boys run the show, and it is just one way they keep us disadvantaged. I am sure different platforms fed data from different servers are likely to all have different "volume" pictures. But, as bad as that is, sometimes a pop in whatever "volume" picture we get, can tell us something.....or the lack of a pop, even when all hell is breaking loose.
  • #77,495
  • Mar 18, 2009 11:42pm Mar 18, 2009 11:42pm
EUR-USD moved nicely on FMOC announcement to keep the interest rates <.25%

Looking at the MONTHLY chart, we find that the 1.3093 level of resistance has been broken to the up side. Clearly ending the bearish trend for the time being.

The WEEKLY chart shows a rather clearer picture. We may have formed a double bottom. If we do indeed break above 1.4719 level then we will get a confirmation. For now on the WEEKLY chart we have resistance coming in at 1.3882, which also happens to be around 61.8% retracement - 1.3855.. (See Chart).

On the DAILY chart we have moved form 1.2834 to 1.3533 (699 pips). A rather big move. How much of a consolidation/ retracement we should get here is anyone's guess. But with a move like this there appears to be quite a bit of momentum and we can expect further rise in prices, even if we do get some retracement.

4 H Chart certainly shows this powerful move up as we moved up in an up-channel and finally broke to the up-side after forming a triangle. Peircing through the 1.3093 resistance and gaining momentum.

------------------------------------------

Fundamental Issues:

We saw a rise in the USD against other currencies beginning July thru November 2008 as USA geared up towards elections. Then there was another decine in Jan and Feb 2009 as the new US President came to his office and settled in. It seems the rise in USD was being based on the change in the US policies towards politics and economic issues. Now in March 2009 as the dust is settling down, with high unemployment in US and the changes are not coming as fast or as expected by the market the value of USD is falling once again.

In this dynamic economic enviornment that we are witnessing the 'trending nature' of the currencies is being redefined.
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  • #77,496
  • Mar 18, 2009 11:43pm Mar 18, 2009 11:43pm
Quoting OzorioFX
Ive read many persons asking the why to this move in the EUR-dollar,and why has EUR valuated so much? The thing is, the EUR is probably worthing quite the same as yesterday, but not the dollar. The fed as released it plan to buy troubled assets and that means that they will print more money to do so. That means weaker dollar.

However this is a place to short. We have a gap to be filled down to 1.32 at least. This will be a move that could invalidate the W pattern that we are seeing in the weekly and monthly chart. Not seeing it at 1.6 this year,...
People have been doing to many ifs, FACT is inflation is lower in America than Europe and in the long run will continue to be so due to improvement in renenwable technology.
  • #77,497
  • Mar 18, 2009 11:44pm Mar 18, 2009 11:44pm
Hey!! What ever happened to turvohach anyway.. I miss him.

Ever now and then I dig out his pirates hijacking the oil tanker post and sellin it to buy citibank and just about pass out from laughin.

For you newer folks here, this is what you're missin... while waiting for this hs pa to do something...
http://www.forexfactory.com/showpost...ostcount=46654
FUBAR...
  • #77,498
  • Mar 18, 2009 11:48pm Mar 18, 2009 11:48pm
Quoting psiholog
donno about the longer term traders but i will tell you about me. I wont deny it i have been screaming short since last thursday and still am..i think...only shorting when i think we are at least due for a correction off a temporary high with tp at the last formed support (thats the idea but easier said then done although that is exactly what i did off a short at 1.3520 with tp for 80pips).

what i havent mentioned yet is december. the last 2 weeks pa have been a replica of december. december was the last time i burned my account...big...
In your thread (now closed) you said:

Money Management

There are so many guides out there on how to properly manage money, the options are limitless on what you do. As for me heres how i manage mine.

First off, my stop loss is always 50 pips. ALWAYS. not one pip lower or one pip higher. My take profit is not 2:1 ratio or 3:1 ratio anymore. My take profit is as price action develops.


Now you said:
I was too slow to react though so i lost that trade and didnt benefit from the run up but hey...i didnt get burned for 500pips because of no stop loss. For this reason I can finally say I am a true trader now with great success in my future

Actually:
With one correct with stoploss or without stoploss?

TQ,
Gold is Money but Money is not Gold
  • #77,499
  • Mar 18, 2009 11:49pm Mar 18, 2009 11:49pm
EJ: Well, the asian session traders, not to be outdone by the euro/us session traders, put on their own little pump and dump show.....what looks like 50 pips further up than the euro/us traders took it to, and then smartly about 200 pips right back down! You gotta love their creativity!

While EU is still being artificially held up, I have taken good advantage of the pump's retrace on EJ.
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  • #77,500
  • Mar 18, 2009 11:49pm Mar 18, 2009 11:49pm
Quoting ak4x
Hey!! What ever happened to turvohach anyway.. I miss him.

Ever now and then I dig out his pirates hijacking the oil tanker post and sellin it to buy citibank and just about pass out from laughin.

For you newer folks here, this is what you're missin... while waiting for this hs pa to do something...
http://www.forexfactory.com/showpost...ostcount=46654
I remember him and miss him too
Not all sins are created equal
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